"Larry, Sergey, Sundar, and I all believe that the time is right in Alphabet's evolution for this transition", Schmidt said in the statement.

Eric Schmidt is stepping down as the executive chairman of Alphabet

"The Alphabet structure is working well, and Google is thriving".

Eric Schmidt has been part of Google since 2001 and presided over the company's transition to Alphabet, with Google itself being spun out as a subsidiary. "I'm incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation". He served as CEO from 2001 to 2011, overseeing Google's landmark IPO and meteoric rise, before becoming executive chairman.

North Korea poses substantial nuclear threat to US: Kim Jong
The resolution also bans exports of industrial equipment, machinery, transportation vehicles and industrial metals to the DPRK. The sanctions, passed on Friday, include a ban on almost 90 percent of refined petroleum exports to North Korea.

Schmidt had a long career in the technology industry before he joined Google.

As chief executive, Schmidt steered Google through its 2004 initial public offering. In 2015, Google restructured to become Alphabet and Schmidt assumed the same role at the newly named parent company.

During his tenure, Schmidt wound up at the center of a civil suit in USA federal court over an "anti-poaching" agreement involving tech giants Apple, Google, Intel and Adobe. Schmidt earns $1.25 million per year in salary, and hasn't take a bonus as of 2016. A Forbes real-time tracker on Thursday pegged his net worth at $13.8 billion, with most of that held in the form of Alphabet shares.